Sweet news! I have much faith in Tribute Games, Jonathan Lavigne is a beast when it comes to pixel art. I believe that his previous works with Paul Robertson (Scott Pilgrim, Mercenary Kings) improved his art in many ways. TMNT for the GBA was a pretty good beat em up, add a bunch of years of experience and the opportunity as a developer to be more creative with gameplay and it sounds like a great possible game. Don't know much of Dotemu but i've heard great thing from the WB and SoR remakes.
So, fingers crossed!